Kuwait Petroleum leads global newbuild regasification capacity additions by 2023

Global LNG regasification capacity is expected to grow by 43% between 2019 and 2023, from 45.7tn cf in 2019 to 65.9tn cf by 2023, according to GlobalData.

Kuwait Petroleum is expected to lead the global oil and gas companies, with the highest newbuild LNG regasification capacity additions of 1.2tn cf by 2023.

Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: ‘Kuwait Petroleum leads globally due to its 100% equity stake in the Al-Zour terminal in Kuwait, which is expected to start operations in 2021 with a capacity of 1.2tn cf. The terminal has a total newbuild capex [capital expenditure] of $3.6bn. Kuwait Integrated Petroleum Industries Company is the operator of the terminal.’

In terms of newbuild capex, China National Offshore Oil Corporation (CNOOC) is expected to lead the field, with $4.7bn to be spent on newbuild regasification projects in the outlook period. Shandong Hanas New Energy and Kuwait Petroleum follow, with $2.9bn and $2.7bn, respectively.

Among regions, Asia is expected to add the highest regasification capacity of 12.6tn cf by 2023. Within the region, India plans to add the highest capacity of around 4.3tn cf in the period. In terms of newbuild capex, India stands third, with $4.9bn over the next four years.

GlobalData identifies Europe as the second highest among the regions in terms of LNG regasification capacity additions. A total of 11 countries in the region are expected to add 2.4tn cf of planned capacity by 2023. Germany, Croatia and Ireland are expected to be major contributors, with capacity additions of 0.52tn cf, 0.30tn cf and 0.29tn cf, respectively. European operators plan to spend around $6bn on upcoming terminals between 2019 and 2023.

The Middle East is the third highest region in terms of regasification capacity additions, expected to add roughly 2.4tn cf by 2023.

Figure 1: Planned and announced LNG regasification additions by key companies, 2019–2023, in tn cf
Source: GlobalData